In the News

Equifax India-IFC partner for Self-Help Group Credit Reporting

Credit Information Company Equifax India and International
Finance Corporation (IFC) partner to deepen coverage of the credit
data of self-help group (SHG) members.

PTI | August 14, 2017

MUMBAI, 14 AUG, 2017– Equifax India, registered as Equifax
Credit Information Services Private Limited (ECIS), a global
information solutions company, and International Financial Corporation
(IFC), a member of the World Bank Group, have signed a cooperation
agreement to work together to deepen coverage of Self-Help Group (SHG)
member data in credit bureaus and enable banks to use this data in
credit appraisals.

The agreement will promote financial inclusion and access to funds
for women from lower income groups, by facilitating integration of SHG
borrower data with credit bureaus. This will enable borrowers to get
broader access to credit as lenders leverage this data to assess them
on a more data-driven approach. The SHG movement continues to be a
powerful tool for financial inclusion, and this project aims to build
and strengthen credit data collection and credit bureau usage of
individual SHG borrowers through a consultative approach.

For more than seven years, micro credit data from microfinance
institutions and banks, through Joint Liability Group (JLG) model of
lending, has been submitted to Equifax and other credit bureaus to
form a rich source of credit history for microfinance borrowers.

“Deepening the coverage of SHG data in the credit bureau is a key
initiative for us, and we are pleased to partner with IFC on this
journey,” said Sundar Arumugam, head of Product Management, Equifax.
“The initiative will increase the number of borrower profiles in the
credit bureaus and thereby help them benefit while applying for new
credit facilities. This is the second time we are partnering with WBG
in the area of financial inclusion. Previously, WBG had engaged with
Equifax to support the broadening of Credit Information Bureau (CIB)
coverage among microfinance institutions. We intend to replicate our
success of credit data coverage and usage in the MFI sector and in SHG
lending as well through this joint initiative.”

“Financial inclusion is a key enabler to reduce poverty and boost
shared prosperity, our twin goals at the World Bank Group,”
said Niraj Verma, Manager – South Asia, Finance and Markets
Global Practice, World Bank Group. “This initiative with
Equifax will help SHG members, mostly women, with good credit history
to leverage that to access capital to grow their livelihoods.”

Equifax has been at the forefront of providing analytical and
insights driven solutions for financial services segments, including
microfinance over the years, enabling lenders to make the right
decisions in a timely manner.

About Equifax

Equifax is a global information solutions company that uses trusted
unique data, innovative analytics, technology and industry expertise
to power organizations and individuals around the world by
transforming knowledge into insights that help make more informed
business and personal decisions. The company organizes, assimilates
and analyzes data on more than 820 million consumers and more than 91
million businesses worldwide, and its database includes employee data
contributed from more than 7,100 employers.

Headquartered in Atlanta, Ga., Equifax operates or has investments in
24 countries in North America, Central and South America, Europe and
the Asia Pacific region. It is a member of Standard & Poor's
(S&P) 500® Index, and its common stock is traded on the New York
Stock Exchange (NYSE) under the symbol EFX. Equifax employs
approximately 9,900 employees worldwide.

Some noteworthy achievements for the company include: Named to the
Top 100 American Banker FinTech Forward list (2015-2016); named a Top
Technology Provider on the FinTech 100 list (2004-2016); named an
InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by
Atlanta Journal Constitution (2013-2017); named one of Fortune’s
World’s Most Admired Companies (2011-2015); named one of Forbes’
World’s 100 Most Innovative Companies (2015-2016). For more
information, visit www.equifax.com.

About World Bank Group (WBG)

The World Bank Group encompasses five closely associated development
institutions that collectively serve as a vital source of financial
and technical assistance to developing countries: the International
Bank for Reconstruction and Development (IBRD) tackles poverty in
middle-income and creditworthy low-income countries, the International
Development Association (IDA) provides interest-free loans, technical
assistance, and policy advice to governments in the world’s poorest
countries, the International Finance Corporation (IFC) is the largest
global development institution that provides investment,

mobilizes finance, and provides financing and advise to the private
sector, the Multilateral Investment Guarantee Agency (MIGA) offers
political risk insurance and credit enhancement to investors and
lenders, The International Centre for Settlement of Investment
Disputes (ICSID) provides international facilities for conciliation
and arbitration of investment disputes. We have set two goals that
will shape our work through 2030: ending extreme poverty and boosting
shared prosperity. IBRD, IDA, and IFC have an active presence in India.